May 16, 2019 / 4:01 AM / 6 months ago

Italy - Factors to watch on May 16

The following factors could affect Italian markets on Thursday.

Reuters has not verified the newspaper reports, and cannot vouch for their accuracy. New items are marked with (*).

For a complete list of diary events in Italy please click on .

POLITICS (*) The ruling 5-Star Movement will oppose a budget law that boosts Italy’s public debt, deputy Prime Minister Luigi Di Maio said in a newspaper interview, after concerns over fiscal slippage sent the country’s debt costs higher this week.

ECONOMY

ISTAT releases April CPI and HICP final data (0800 GMT) and March foreign trade data (0900 GMT).

ASSICURAZIONI GENERALI

Italy’s top insurer posted a larger-than-expected 28 percent rise in first-quarter net profit helped by sales of assets, though capital ratios fell due to regulatory changes. (*) Chief Financial Officier Cristiano Borean said the insurer’s capital position is solid and allows the company to face market volatility..

Generali will hold a call with analysts (1000 GMT).

FIAT CHRYSLER (*) U.S. President Donald Trump is expected to delay a decision on imposing tariffs on imported cars and parts by up to six months, three Trump administration officials told Reuters, avoiding opening yet another front in his global trade battles.

Moody’s upgraded on Wednesday the Italian-American car maker’s corporate family rating by one notch to Ba1, with a stable outlook.

U.S. investment firm Tiger Global Management said on Wednesday it has increased the number of shares it holds in Fiat Chrysler by 8.9% in the first quarter to 88.3 millions.

(*) PRYSMIAN

The Italian cable maker won a 200 million euro contract to provide a submarine power cable system to connect an off-shore wind farm in the U.S. to the mainland power grid, the company said.

INWIT, TELECOM ITALIA

A deal to merge Vodafone’s tower infrastructure in Italy into Inwit, the mast group 60 percent owned by Telecom Italia, will be signed by this summer, Inwit’s Chief Executive Giovanni Ferigo told analysts on Wednesday.

The company said earlier on Wednesday its net profit fell to 32.4 million euros in the first quarter of this year, adding it expected further growth in traditional business and a strong acceleration in new businesses in 2019.

CARIGE (**)

(*) U.S. private-equity fund Blackstone is considering whether to participate in the rescue of the struggling Italian lender, MF reported, after BlackRock last week pulled out of a plan to provide the bulk of a proposed 720 million euro capital injection.

Warburg Pincus has started an online due diligence on Carige’s documents, Il Messaggero said.

The European Central Bank is likely to discuss the bank’s situation when its Supervisory board meets on Thursday and Friday, two sources close to the matter told Reuters.

Top shareholder Malacalza Investimenti said on Wednesday it is ready to support Carige should a market solution be found for its rescue.

European Union authorities will have to step in along with the Italian government to help rescue struggling regional lender, a top Italian official said earlier on Wednesday.

(**) Carige shares are currently suspended from trading.

BPER BANCA, UNIPOL

Unipol bought last month an additional 2.23% stake in the Italian sixth largest bank, the financial group said on Wednesday. After the purchases, Unipol’s stake in BPER Banca has risen to 17.3%.

SALINI IMPREGILO

The Italian builder could delay to mid-June the unveiling of a plan to buy into a capital increase at troubled rival Astaldi and create a national construction champion, Il Sole 24 Ore reported.

Salini company said on Wednesday new orders amounted to 5 billion euros tear to date.

ASTALDI

The troubled construction group said on Thursday its net financial debt stood at 2.42 billion euros as of March 31. That compares with 2.19 billion euros at the end of 2018.

LAZIO

Two late goals gave Lazio a 2-0 Coppa Italia final win over Atalanta on Wednesday. The victory also earned the Roman club a place in the Europa League group stage for next season.

IL SOLE 24 ORE

The Italian publisher said on Wednesday it posted a group net loss of 1.7 million euros in the first quarter, versus a 1.3 profit in the same period of 2018.

LEONARDO

Annual and extraordinary shareholders’ meetings (0830 GMT).

AUTOGRILL

Releases information on application of the IFRS 16 accounting rule in its balance sheet, followed by conference call (1530 GMT).

GUALA CLOSURES

The company turned to profit in the first quarter of this year, with a net result of 1.9 million euros.

ISAGRO

Net profit fell to 0.7 million euros in the first quarter, the company said on Wednesday adding it confirmed its target to achieve a turnover of 200 million euros in the mid term.

FIDIA

Fidia posted a an EBITDA loss of 1.8 million euros in the first quarter, versus a 1.9 million euro profit in the same period of last year.

BIODUE

The medical company said on Thursday group quarterly revenues rose 1.4% year on year in the first quarter to 9.748 million euros.

Annual general meetings: ENEL (1200 GMT), ASTM (0900 GMT), GAS PLUS (0630 GMT), INTEK GROUP (0830 GMT).

Conference call on Q1 results: ISAGRO (0830 GMT), IVS GROUP (1500 GMT).

DIARY

Rome, “Public Administration Forum 2019” ends. Conference on “Italian Digital Transformation” with state auditor President Angelo Buscema; Prime Minsiter Giuseppe Conte delivers closing address (0700 GMT).

Rome, OECD presents report on “Impact Finance: a Way to Sustainable Growth” with Chamber of Deputies Speaker Roberto Fico (1430 GMT).

Milan, market regulator Consob holds conference on “Governance and Transparency in Small Cap Companies, a Comparison Between MTA and AIM” (0830 GMT).

Milan, Made in Steel ends annual conference “Steel Human, sustainability and innovation” (0800 GMT); expected attendees include steel industry body Federacciai President Alessandro Bazato, Danieli Group Chairman Gianpiero Benedetti, Marcegaglia Group Chairman Antonio Marcegaglia.

Milan, Portale Sardegna holds news conference with CEO Massimiliano Cossu to present “MeetForum 2019” to be held next October in Pula (1600 GMT).

Milan, “EU-Japan EPA Forum” starts; ends on May 17.

For Italian market data and news, click on codes in brackets:

20 biggest gainers (in percentage)............

20 biggest losers (in percentage).............

FTSE IT allshare index

FTSE Mib index........

FTSE Allstars index...

FTSE Mid Cap index....

Block trades..........

Stories on Italy...... IT-LEN

For pan-European market data and news, click on codes in brackets: European Equities speed guide................... FTSEurofirst 300 index.............................. DJ STOXX index...................................... Top 10 STOXX sectors........................... Top 10 EUROSTOXX sectors...................... Top 10 Eurofirst 300 sectors................... Top 25 European pct gainers....................... Top 25 European pct losers........................ Main stock markets: Dow Jones............... Wall Street report ..... Nikkei 225............. Tokyo report............ FTSE 100............... London report........... Xetra DAX............. Frankfurt market stories CAC-40................. Paris market stories... World Indices..................................... Reuters survey of world bourse outlook......... Western European IPO diary.......................... European Asset Allocation........................ Reuters News at a Glance: Equities............... Main currency report:...............................

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